Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Revenue | $1.3 billion | up 29% year-over-year |
| Net Income | $200 million | Not stated |
| Diluted EPS | $0.38 | Not stated |
| Cash and Investments | $8 billion | Not stated |
| Cost of Sales | $318 million | 54% increase year-over-year |
Guidance and outlook
- Full-year 2026 revenue growth is expected to be in a range of 15% to 25%.
- R&D expenses are expected to be $2.7 billion.
- SG&A expenses are expected to be approximately $1 billion.
- Cash and investments at year-end 2026 are projected to be between $8.1 billion and $8.3 billion.
- Capital expenditure estimate is $200 million.
How management sounded
Positive (+7 on our -10 to +10 scale). Management raised full-year revenue guidance and highlighted strong commercial execution alongside positive Phase III data for their cancer therapy. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Renal Cell Carcinoma (RCC) Trial
Asked: What is the confidence level in the upcoming event-driven Phase II RCC readout?
Answer: Management is confident because RCC is a T-cell sensitive disease and the Phase II melanoma trial showed efficacy across both high and low tumor mutational burden populations.
Intismeran BLA Submission
Asked: What is the status of the BLA submission for intismeran?
Answer: The company is working closely with Merck to submit the BLA this year and hopes for approval next year.
Norovirus Program
Asked: Why did the company change the plan for the norovirus vaccine program?
Answer: The Phase III study did not meet early success criteria, so the company will consult with regulators before deciding on next steps.
2026 Growth
Asked: How much of the revenue growth is due to timing versus demand?
Answer: Growth is broad-based across U.S. and international markets, driven by strong mNEXSPIKE adoption and strategic partnerships.
What to watch before the next call
- Upcoming Analyst Day on November 12.
- Event-driven Phase II renal cell carcinoma readout.
- BLA submission for intismeran.
- Registrational readout in propionic acidemia.
